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Travel Money
travellers cheques
obtain foreign currency in the UK
obtain currency at the airport
take sterling and change your cash in the destination country
use your credit/debit card for purchases
All these options have advantages and disadvantages
Travellers Cheques
Once the main way of taking money abroad, travellers cheques have fallen out of favour. Although more secure than cash, they work out to be a fairly expensive option. You have to find a bank at your destination who will swap your cheques for cash, and you cannot guarantee in advance what their exchange rate or commission charges will be. Most people will go for this option if security is paramount and cost is no object.
Changing Your Cash in the UK
Taking a lot of cash abroad is not a very secure way of doing things. In some countries, foreign tourists are easy prey for thieves and pickpockets. However the advantage is that you can work out the best deal in advance. There are many foreign currency providers, from high street banks to specialist bureaux de change and even the post office. Changing currency at the airport tends to be more expensive.
Exchange Rate. Look for who provides the best exchange rate for the currency you want. However, remember that exchange rates change on a daily basis.
Commission. Some charge a flat fee, others a percentage. Some charge no commission, but offer a less competitive exchange rate. Some charge a minimum fee which bumps up the cost of changing a small sum of money.
Delivery. Some providers such as Nationwide will only deliver to your door and add on a delivery charge - so you need to be available to accept delivery.
Credit/Debit Cards
Often the best option is to make purchases with your credit card or debit card in the currency of the place where you are (not cash advances though). Check carefully for any hidden charges. Some card issuers use an inflated exchange rate when converting to UK currency. One of the best deals for travel money is to pay for your goods and services aboroad with Nationwide debit card. The card has no extra fees for foreign currency transactions. However you may need to pay the overseas ATM provider a commission and this deal ends in late 2010
Summary - there's no alternative but to look at all the options and work out which provider will suit you best, depending on the currency you need and the amount. Sites such as moneysupermarket.com provide a foreign currency comparison
Work out how much your Pound is worth
Currency Converter